September 14, 2024
US oil rig count from 2012 to H1 2024 for four major U.S. shale basins: DJ-Niobrara, Eagle Ford, Permian, and Williston:
- Permian: The most active basin, peaking at 560 rigs in 2018, and dropped to 122 in 2020. The rig count in 2024 was 307, down from 330 in 2023.
- Eagle Ford: This basin saw a high of 204 rigs in 2014, with a significant drop to just 10 in 2020. Rig count in 2024 was 49, down from 56 in 2023.
- DJ-Niobrara: The rig count reached 48 in 2014 and fell to 3 in 2020. The rig count in 2024 was 12, down from 15 in 2023.
- Williston: Rig counts peaked at 218 in 2014 and declined to 11 in 2020. Rig count in 2024 was 34, down from 37 in 2023.
Overall, the number of rigs in major shale basins dropped 8% in H1 2024 compared to 2023.
The two significant downturns in drilling in 2015/16 and 2020 were due to a crash in crude oil prices and the impact of the Covid pandemic, respectively. The general overall downward trend following each drop can be attributed to increased horizontal drilling which yields more production than vertical wells due to long laterals and more frac stages.